Shares of Arena Pharmaceuticals (Nasdaq: ARNA) rose ahead of its meeting on Thursday with the Food and Drug Administration's Advisory Committee to discuss the obesity treatment Lorcaserin.

On the downside

Cognizant Technology Solutions (Nasdaq: CTSH) reported higher first quarter earnings but the company trimmed its full year outlook.

The Treasury Department will sell $5 billion worth of American International Group (NYSE: AIG) stock with the insurer purchasing $2 billion worth at the discounted price of $30.50 per common share.

First quarter earnings fell for Broadsoft (Nasdaq: BSFT) and the company forecast current quarter results below estimates.

In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 792.